Bankers' Acceptances, which represent 20% of money market, expected to disappear in 2024
Term CORRA to be available by Q3, but usage will be limited
Inter-dealer derivatives to begin using CORRA instead of CDOR
The BIS reported that derivatives market values and credit exposures are up sharply this year
Proposal would see final U.S. dollar setting terminated in Sept. 2024
Working group finds strong consensus in favour of term CORRA to replace CDOR
Three new reference rates, indexes will debut on Oct. 31
Legal, operational issues may arise with loans as key benchmark is eliminated
Deadline for potential term CORRA consultation extended to June 30
The benchmark changeover hasn't gone smoothly for some older vehicles, Fitch reports